Other Participations

Falcon Oil & Gas

Avelar owns a stake of over 16% in Falcon Oil & Gas Ltd. The group is a Canadian listed international company whose principal activity is to acquire, explore and develop petroleum and natural gas properties. The group is primarily focused on the exploration and development of the Makó Trough area of central Hungary (100% interest).

Kerself

Avelar indirectly controls 15% of Kerself, the leading Italian PV company and entered into a strategic agreement in which Kerself will construct no less than 105 MWp of PV plants for Avelar within 3 years. Kerself, through its subsidiaries, develops, installs and markets solar energy systems and thermal plants and sells thermal and acoustic insulators and sound absorbers. The company is listed at the Italian Stock Exchange and expects to reach sales of about EUR 200m in 2008 (analyst forecast).